Corn futures are called 1 to 2 cents lower. Overnight trade was 1 1/4 to 1 3/4 cents lower. The market has bounced the past few sessions, but the long-term downtrend remains intact. Large old-crop stocks and generally favorable weather this past month remain bearish factors. On the other hand, strong export demand and some thoughts that production won't rise from the August estimate should limit losses.

Soybean futures are called 1 to 2 cents lower. Overnight trade was 1 1/4 to 1 3/4 cents lower. Generally favorable weather over most of the Midwest and non-threatening forecasts for the next few weeks are expected to weigh on the market this morning. Export sales last week were at the low end of expectations and old-crop stocks remain large.

Wheat futures are called mostly lower on the open. Overnight CBOT trade was 3/4 cent higher to 2 cents lower and the KCBT was steady to 1 3/4 cents lower. The market is expected to consolidate recent gains this morning. However, futures are in the early stages of a seasonal recovery. Ideas that export demand for U.S. wheat will improve and tight global wheat supplies are supportive factors.

Cattle futures are called steady to firm. Momentum from yesterday's gains will be supportive, but volume was light as traders wait for the cash market to develop. Steady to firm trade is still expected from last week's $86 trade. However, gains will be limited by declining beef prices. Boxed beef prices were $0.76 to $1.23 lower on Thursday.

Lean hog futures are called lower this morning. The rally in cash appears to be over for now as mostly lower bids are expected this morning. Pork cutouts were down 60 cents on Thursday. The market appears nervous that the recent rally is overdone. Losses in the October contract should be limited by futures discount to the lean hog index.